The Junior Minister of Finance, Mr Dhaneshwar Damry, held a pre-budget consultative meeting in Port Louis, today, with representatives from Mauritius Finance, namely the Chief Executive Officer, Mr Faraz Rojit; the Chairperson, Ms Shamima Mallam-Hassam; and the Vice Chairperson, Ms Priscilla Balgobin-Bhoyrul.

In a statement following the meeting, Mr Damry recalled that the financial sector is an important pillar which contributes to 14% of the Mauritian economy and employs some 12,000 people. According to him, the financial sector has the potential to contribute to the reduction of public debt by enhancing growth and decreasing trade deficit. Hence, the need to consolidate the sector so that it continues to grow and expand, said the Junior Minister, adding that Government's objective is to boost growth, create more employment and increase foreign currency.

As for the Chairperson of Mauritius Finance, she stated that the meeting with Mr Damry was very fruitful and constructive while highlighting that the financial sector is an important pillar for the Government in terms of growth and economic contribution. She indicated that Government will prioritise capacity building and new products while putting more focus on Africa. These measures, she pointed out, are aligned with the Mauritius Finance's vision.

Keep up with the latest headlines on WhatsApp | LinkedIn

With reference to one of the biggest hurdles of the sector, Ms Mallam-Hassam underlined the need to progress on the Ease of Doing Business in Mauritius. She made a request for Government to allocate a special budget to ensure that in the next Financial Action Task Force (FATF) review process, Mauritius is ready from an AML/CFT (Anti-Money Laundering and Combating the Financing of Terrorism) perspective.

Furthermore, she said that discussions also focused on new products such as Fintech while adding that it is important to put in place measures to boost the Fintech sector with respect to banks and permits.